Poroshenko expects new $1 bln tranche from IMF in March

Ukrainian President Petro Poroshenko says he expects a fourth disbursement worth US$1 billion from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) in March.

”I can say for sure now that the IMF Executive Board will meet on March 20. As IMF Managing Director Christine Lagarde promised me, we`ll get $1 billion, and I hope this will happen as early as in March,” he told Ukrainian television channels on Wednesday, March 15.

Earlier, Ukraine resumed cooperation with the IMF under the EFF worth $17.5 billion in September 2016 after a break, which lasted for more than 12 months. Under the program, Ukraine has already received three disbursements worth $7.62 billion in total. It expected to receive the fourth $1 billion before the end of 2016.

Ukraine has fulfilled key conditions for the fourth tranche, including the adoption of a well-balanced national budget for 2017 and the nationalization of the country`s No. 1 bank, PrivatBank. However, an IMF Executive Board meeting on the Ukrainian issue would be postponed.

Early in March, Ukraine and the IMF agreed an updated memorandum on cooperation whose key recommendations include pension reform and the cancellation of a moratorium on the sale of agricultural land, according to Ukrainian Prime Minister Volodymyr Groysman.

The IMF Executive Board is scheduled to discuss the Ukrainian issue on March 20.